Post by Brian Gibbons on Mar 19, 2005 18:00:30 GMT -5
EXAMPLE OF A
OBJECTIVES AND PURPOSE
The objective and purpose of this proposal is to refinance five duplex properties situated at 819, 821, 823 and 825 Ramsey and 107 Neil.
The five duplexes are located in East Nashville, a transitional but easily rentable area. The five duplexes are next to each other and are completely rehabilitated and rented.
The objective is to keep the duplexes rented and to enjoy their abundant cash flow (see attached APOD). They were purchased for appreciation and there is no intention to ever sell the duplexes.
These duplexes are rented to low-income families. Nine of the ten tenants are on Section 8 rental assistance, which is federal money administered through the local Metropolitan Department of Housing and Development Authority.
All leases are for one year and cannot be broken without the owner's written permission. Also, the Section 8 program will reimburse the owner for two months rent less the deposit amount for damages caused by the tenant beyond fair wear and tear. Of course, all of the leases can be renewed each year, and given the shortage of decent low-income housing and the screening of the tenants, most of the tenants should renew their leases.
The rent is sent directly to the owner from MDHA on or about the third of each month. Some of the tenants pay a portion of their rent and can be evicted if they do not pay or are otherwise undesirable tenants. (Please see the enclosed Ramsey rent schedule and leases.)
OBJECTIVES AND PURPOSE
The objective and purpose of this proposal is to refinance five duplex properties situated at 819, 821, 823 and 825 Ramsey and 107 Neil.
The five duplexes are located in East Nashville, a transitional but easily rentable area. The five duplexes are next to each other and are completely rehabilitated and rented.
The objective is to keep the duplexes rented and to enjoy their abundant cash flow (see attached APOD). They were purchased for appreciation and there is no intention to ever sell the duplexes.
These duplexes are rented to low-income families. Nine of the ten tenants are on Section 8 rental assistance, which is federal money administered through the local Metropolitan Department of Housing and Development Authority.
All leases are for one year and cannot be broken without the owner's written permission. Also, the Section 8 program will reimburse the owner for two months rent less the deposit amount for damages caused by the tenant beyond fair wear and tear. Of course, all of the leases can be renewed each year, and given the shortage of decent low-income housing and the screening of the tenants, most of the tenants should renew their leases.
The rent is sent directly to the owner from MDHA on or about the third of each month. Some of the tenants pay a portion of their rent and can be evicted if they do not pay or are otherwise undesirable tenants. (Please see the enclosed Ramsey rent schedule and leases.)